Skip to main content

E-filing I-T returns

 

 

AS THE last date for filing income tax return for individuals, Hindu undivided families and other non-corporate assessees — July 31 — approaches, it is time to scurry around to arrange for the requisite documents and make several calls to their tax consultants.


   For the financial year 2009-10, individual assesees with income from salary or pension, one house property and income from other sources are required to file their tax return in ITR-1 (form Saral-II). ITR-2 will be applicable to salaried assessees who have also made some capital gains or own multiple house properties.


   You can complete the process either by seeking the assistance of a chartered accountant, through the I-T department's website

(www.incometaxindiaefiling.gov.in) or portals (like TaxSmile, TaxSpanner etc) that promise to simplify the e-filing process further. If you decide to opt for the I-T department's website, there are a few points — some dos and don'ts — that you need to bear in mind while filing your I-T returns. Here are some:


   1) At the outset, you need to make sure you choose the right form. Salaried individuals should opt for ITR-1 (form Saral-II) or ITR-II, as applicable.


   2) Once the return-filing process is completed, make sure you save a copy of the excel sheet as well as the XML file for your record. This can come in handy should there be a need to file a revised return.


   3) Self-filing of return is ideal when your income composition is simple. However, if it entails items like sale of property or change in employment, it is better to enlist the services of a tax professional.


   4) If you are eligible for a tax refund from the I-T department, ensure that you mention your bank account details correctly in order to facilitate hassle-free processing of your tax refund.


   5) If you are in the process of switching jobs and intend to close your current salary account, don't forget to enter the details of another personal savings bank account other than the salary account.


   6) Remember that merely filing your return online before July 31 does not result in culmination of the process, if you have not obtained a digital signature (DS). In the absence of DS, the procedure is not completely electronic. Once you have completed filing your return online, you need to send a copy of the completed, signed ITR-5 — an acknowledgementcum-verification form generated once you are through with filing your return — to the following address: Income Tax Department – CPC, Post Bag No - 1, Electronic City Post Office, Bangalore-560 100, Karnataka.


   7) Furthermore, you need to make sure that it is sent by ordinary post or Speed Post only, within 120 days from the date of furnishing your return online. If the same is furnished beyond this period, you will have to file your return again.


   8) Also, you are not required to submit any annexures, covering letters, pre-stamped envelopes or Form 16, along with ITR-5. This is applicable even to those who manually file their returns at the local tax offices. The income tax department's e-filing portal provides an exhaustive list of dos and don'ts pertaining to ITR-5. You would do well to go through the same, as the forms that do not conform to the specifications mentioned may get rejected or the acknowledgement may get delayed.


   9) If you do not get an e-mailed acknowledgement regarding the receipt of ITR-5 from the income tax department within reasonable time, you should send a copy of the acknowledgement form once again to the address mentioned above. This holds true for ITR-5s sent through Speed Post, too.

 

Popular posts from this blog

Understanding Your Cibil Credit Information Report

   WE ARE all familiar with the anxiety and uncertainty that we feel when applying for a loan. After all, it's the lender who decides whether we can own our dream home, our first car, or whether our children can pursue higher education. In a nutshell, a better life depends on the lender's decisions.    While other factors do play a part in the lender's decision, the Cibil Credit Information Report ( CIR ) plays a crucial role in a lender's decision to approve a loan application.    Previously, lenders would treat all loan seekers equally. Each applicant, if approved by the lender's internal credit policy, would be charged at the same interest rate for a particular loan size and purpose. The lenders would charge a higher interest rate to all the borrowers, in order to compensate for the possible default of a small portion of the loan disbursed. In other words, it's like a professor (the lender) punishing an entire class (borrowers) for the mischief played b...

How much to invest in gold ?

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India) Let your motivation dictate the share of the yellow metal in your portfolio Enough has been said and written about gold as an investment option. The latest argument is that the craze for gold among Indian households is endangering our country's balance of payments. The policymakers are busy trying to find ways of discouraging investment in gold, but if households keep the common good in mind, they would be paying the market price for gas cylinders as they do for, say, their mobile phone bills. After all, private decisions are driven by private motives. So, how should a household look at gold from its own perspective? Gold is primarily acquired for its merit as a store of value. Even if the worst crisis hits a family, the gold that it holds could be put to use anywhere in th...

Compared to Bank FDs, Debt Mutual Funds are more Tax-Efficient

It is a security vis-a-vis returns battle between bank fixed deposits and debt funds In the past few months, banks have been consistently increasing their rates of interest on different fixed deposits. And after the Reserve Bank of India's Annual Monetary Policy, even the saving deposit rates are up at 4 per cent. For a six-month fixed deposit, you can easily get a rate of anywhere between 6 and 7 per cent annually. However, experts feel if one is looking to invest for less than a year, debt funds could make a better choice. The reason: Liquid funds and ultra short-term funds are giving annualised returns of 8 per cent. Financial advisors suggest retail investors opt for mutual fund schemes as they are more flexible and give higher post-tax returns. Opt for fixed deposits only if you are comfortable being locked-in for the tenure as a premature exit can attract a penalty. If your main aim is to ensure liquidity, debt funds are preferable. Though a fixed deposit gives you a...

Right Size your SIPs in terms of tenure and amount

Buy Gold Mutual Funds Invest Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Call 0 94 8300 8300 (India)    Systematic investment plans ( SIPs ) are here to stay. Going by the growing number of SIPs, it does look like investors have taken to them in a big way. Today as much as . 1,000 crore flow into SIPs every month. A SIP, as the name denotes, is a method to invest a fixed amount in a mutual fund at regular intervals --generally monthly or quarterly. It is easy to do and the minimum amount with most mutual funds is a mere . 1,000 per month. You can write post-dated cheques for your investment, or give an auto-debit facility from your bank account. In fact, most investors today prefer setting up an auto debit for their SIPs, since writing cheques is cumbersome. Also, you can choose any tenure that you want for your SIP — six months, one year, five years, 10 years or even opt for a perpetual SIP which will continue forever till you stop it....

Good Loan

Why Is It A Good Loan?: Loans against gold are cheaper and better than personal loans as the former are available at lower interest rates. In contrast, the interest rates on personal loans are not standardised and can vary from bank to bank. Also, a personal loan depends on a host of factors including, the borrower's salary, profession and the purpose for which the loan is being taken.      For instance, the interest rate on a personal loan of 5 lakh falls in a wide range of 15-30%. But loans against gold are available for as low as 11%. Secured borrowing such as a loan against gold, investments or property is cheaper because it is backed by some assets, which command a good value at any point of time. If the borrower defaults on the loan, the banks can liquidate the assets to settle the loan account.    Being a secured loan, the risk of default and credit losses is significantly lower in this loan compared to other forms of loan for personal use. Given the lower risk, gold loa...
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now